Nigeria’s Crude Oil Output Surges 7.7%, Edges Closer To 2024 Budget Benchmark

Nigeria experienced a significant surge in its crude oil output, rising by 7.7% in December 2023, according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Reports (MOMR) released on January 18, 2024.

The country’s oil production reached 1.4 million barrels per day (mbpd) in December, reflecting a 100,000 bpd increase from the previous month.

This rise brings Nigeria closer to meeting its 2024 budget oil production benchmark of 1.78 mbpd.

OPEC+, which provided the data based on information from secondary sources, confirmed that Nigeria remains the highest African oil-producing and exporting nation.

Stakeholders maintained that the sustained increase in oil production is a positive outcome of the Federal Government’s intensified efforts against key challenges affecting Nigeria’s oil sector, including vandalism, oil theft, and malfeasance.

Recent actions, such as the discovery and destruction of 52 illegal refineries in several states, removal of 32 illegal connections in the Niger Delta, and uncovering of seven illegal storage sites in Akwa Ibom State, contribute to this recovery.

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